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Revenue Projections

• Realistic approach

• Credibility

• Experience in a competitive market

GOLDEN HEARTLAND

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GOLDEN HEARTLAND

Cummings Proponent %

Golden $258.8 $284.7 110%

Speedway $271.6 $367.0 135%

Pinnacle $239.2 $425.9 178%

Legends $212.0 $295.6 139%

(all $ millions in 2013)

Cummings vs. Proponents

Cummings Associates presentation page 40.

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GOLDEN HEARTLAND

Market GGI Products

# of Casinos/ Gaming

Establishments in Market

Market Size (annual rev)

Targeted MSA (population)

Black Hawk, CO Central City, CO

Mardi Gras Casino Golden Gates Casino Golden Gulch Casino

25 $661 million 2.0 million

Pahrump, Nevada Golden Pahrump Nugget

5 $65 million 40,000

Las Vegas, Nevada Reno, Nevada

Golden Tavern GroupGolden Route

Operations

2,000+ $3.5 billion 2.2 million

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GOLDEN HEARTLAND

Size Matters

• Right size

• All about convenience, visibility, accessibility

• Ability to expand through a master planned design

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Gaming Facility / # Slots Power Slot Win win/slot/day Total WinLocation: Rating ($mn) ($mn)

Northeast Zone:

Golden Heartland 3,000 104.0 $234.5 $214 $282.3

PKN Kansas 3,000 104.0 $228.7 $209 $275.8

Speedway / Cordish 3,000 104.0 $225.8 $206 $272.2

Legends Sun 3,000 104.0 $209.2 $191 $252.6

All Same SizeIn 2013 Dollars

(at 2.5% per annum)

GOLDEN HEARTLAND

Cummings Associates presentation page 14.

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GOLDEN HEARTLAND

Tourists / Visitation

• Tourist attractions could benefit each of the applicants

• No displacement of normal business

• Designed to compliment not compete

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GOLDEN HEARTLAND

Branding

Branding works when it’s the right brand!

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GOLDEN HEARTLAND

Does brand/theme make a difference?

*9 months ending September 2006

Slot Win per Unit

$90

$141

$180

$50

$70

$90

$110

$130

$150

$170

$190

Hard Rock LasVegas

Clark County Las Vegas Strip

Table Win per Unit

$1,258

$2,263

$3,143

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Hard Rock LasVegas

Clark County Las Vegas Strip

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GOLDEN HEARTLAND

Economic Impact

• Construction Impact – Long term view necessary.

• Operational Impact – Is the project sustainable?

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GOLDEN HEARTLAND

$50

$70

$90

$110

$130

$150

$170

1 2 3 4 5

LegendsPNKSpeedwayGolden

Based on lottery contract tax structure for each proposed facility

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GOLDEN HEARTLAND

Local Fiscal Impact

• Broad distribution of fiscal benefits

• Equal retail uplift without dilution of existing businesses

• Back-end revenue sharing not considered

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GOLDEN HEARTLAND

Right Location

• Access

• Visibility

• Convenience

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GOLDEN HEARTLAND – RIGHT LOCATION

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GOLDEN HEARTLAND – SITE PLANConvenient and Accessible

GARAGE

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GOLDEN HEARTLAND

Right Team

• Experience in a competitive market

• Experience in the locals market

• Experience in this market

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GOLDEN HEARTLAND – THE RIGHT CHOICE•• RIGHT LOCATIONRIGHT LOCATION

- Unmatched site (over 240 acres)- Opportunity for future expansion

•• RIGHT SIZERIGHT SIZE- World-class facility- Top quality amenities

•• RIGHT TEAMRIGHT TEAM- Experienced operator delivering realistic promises- Tom Watson designed championship golf course- Friedmutter designed resort

•• MOST REVENUEMOST REVENUE- Most revenue to state of Kansas

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Lottery Gaming Facility Review Board Presentation

September 3, 2008